Auranova Resources and Kenorland Minerals Announce Upcoming 2026 Spring Drill Program at the South Uchi Project, Ontario
Auranova Resources and Kenorland Minerals Announce Upcoming
2026 Spring Drill Program at the South Uchi Project, Ontario
Vancouver, British Columbia, March 18, 2026 – Auranova Resources Inc . (“Auranova” or the
“Company”) (TSXV: AURA) is pleased to announce the approval of a Phase 3 diamond drill program at the
South Uchi Project (the “ Project”), located in the Red Lake District of Ontario and held under an option
agreement with Kenorland Minerals Limited ("Kenorland").
2026 Spring Exploration Program
The Spring 2026 exploration program and budget have been approved by Auranova and will include up to
3,000 metres of drilling across six drill holes at the Papaonga target area. This phase of drilling follows the
successful identification of a new gold-bearing structural corridor discovered during the Phase 2 Fall 2025
drill program (see press release dated January 28, 2026). The planned d rill holes are designed as large
step-outs towards the west and east, testing strike extensions of the mineralised structural corridor
concealed beneath deep glacial cover. Kenorland remains the operator of the Project, and drilling
activities are scheduled to commence by the end of March.
Figure 1. Plan map of Papaonga target area with planned Phase 3 drill hole locations
The upcoming drill program will consist of a series of drill fences approximately one kilometre apart,
stepping out along strike from drill holes 25PADD031 and 25PADD034, which intersected an
approximately 200 -metre-wide mineralised corridor characterised by strong deformation, pervasive
sericite-albite-silica alteration and disseminated sulphide mineralisation within mafic to felsic volcanic
stratigraphy and feldspar porphyry intrusions . Within this corridor, multiple 10 -metre-scale intervals
contain anomalous gold values, highlighting the potential for significant mineralisation.
Interpretation of regional magnetic datasets have identified the gold-bearing structure as a belt-parallel,
east-west trending deformation zone, concealed beneath deep till and glaciolacustrine cover sequences.
Despite limited bedrock exposure over the target area, grab samples from volcanic stratigraphy
immediately north of the structural corridor returned values of up to 14.4 g/t Au, further underscoring
the potential to host high-grade mineralisation.
Figure 2. Regional geology with significant gold deposits and South Uchi Project location
About South Uchi Project
The South Uchi Project was first identified and staked by Kenorland based on the under-explored region’s
prospectivity to host significant gold mineralised systems. The Project covers a portion of Confederation
Assemblage volcanic rocks, as well as the boundary between the Uchi geological subprovince to the north
and the English River geological subprovince to the south. Multiple major east-west striking deformation
zones associated with the subprovince boundary transect the Project, resulting in zones of strong shearing
and folding of the supracrustal stratigraphy, which are favourable settings for orogenic gold
mineralisation. Prior to Kenorland staking the Project, records indicated little to no systematic exploration
had been completed, and the land package remained under-explored. The majority of gold deposits in the
Red Lake District (Red Lake, Madsen, Hasaga, and others) are located on the northern margin of the
Confederation Assemblage. However, recent discoveries such as the LP Fault Zone on the Dixie Project by
Great Bear Resources Ltd. (acquired by Kinross Gold and renamed Great Bear Project) highlight the
prospectivity of the entire Confederation Assemblage along the southern margin of the Uchi subprovince.
Auranova announced on December 2, 2024, that it had entered into a definitive agreement with
Kenorland, granting Auranova the right to earn up to a 70% interest in the Project. Pursuant to the
agreement, Auranova may earn an initial 51% interest in the Project by making cash payments totalling
$500,000 to Kenorland, completing a diamond drilling program with at least $8,000,000 in qualifying
expenditures or completing 15,000 metres of drilling within two years of receiving a drill permit, issuing
Kenorland 19.9% of Auranova's common shares, and maintaining Kenorland's 19.9% share position until
Auranova raises a minimum of $10,000,000 through share issuances, after which Kenorland's stake will
remain at 10% on a pro-rata basis through to the completion of a Preliminary Economic Assessment (the
“PEA”).
Kenorland has received the $500,000 in cash payments and currently holds 9,242,267 common shares of
Auranova and confirms that Auranova has now earned a 51% ownership interest in the Project (see press
release dated July 2, 2025). Further, Auranova may earn an additional 19% interest, for a total of 70%, by
incurring an additional $10,000,000 in qualifying expenditures on or before the third anniversary of
Auranova’s election to proceed with the second option. Kenorland will also retain a 30% carried interest
in the Project through to the completion of the PEA, at which point a joint venture will be formed.
Kenorland also holds a 2% net smelter return royalty on the Project (see press release dated September
16, 2024).
Qualified Person
William Yeomans, B.Sc., P.Geo. (EGBC # 027187, PGO #2177), an independent “Qualified Person” under
National Instrument 43-101, has reviewed and approved the scientific and technical information in this
press release.
About Auranova Resources
The Company is focused on the discovery of new gold systems in the Birch Uchi Belt in partnership with
Kenorland Minerals Ltd. as well as expanding its presence in the greenstone belts of Ontario.
Further information can be found on the Company's website www.auranovaresources.com.
On behalf of the Board of Directors of Auranova Resources,
Thomas Obradovich
Chief Executive Officer
Tel: +1 416 985 7140
Email: [email protected]
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